Connect with us

Currency Market

The race for No. 2: Ripple’s XRP is growing, and Ethereum is shrinking. Why?

Published

on

Ripple XRP

Over the last three weeks, Ripple’s XRP cryptocurrency has been raising in price slowly but steadily. As we write this article, it’s trading in green numbers at $0.422 even during the current bearish run of the market, which means despite regular market dips, it’s doubled its price in a relatively short time.

Moreover, for some days during the recent period, it’s been the world’s second coin, beating Ethereum. But will that be consistent? Should Ethereum be worried? Well, maybe. Ripple advancements and XRP’s massive growth is undoubtedly putting Ethereum’s dominance in question.

Ethereum came live in 2015, and it quickly became the most crucial blockchain in the world, second only to Bitcoin. It became the dominant platform for smart-contracts and many of today’s most exciting blockchain technologies came to life using Ethereum’s operating system (Tron and EOS are the primary examples).

But now, Ripple (XRP) grows while Ethereum is shrinking

Before this September 18th, the gap between ETH and XRP was huge. Ethereum’s market value more than doubled that of Ripple’s. As we write this article, the difference among both assets is around three billion (17 vs. 20 billion). If things keep moving in the current direction, this gap could close down, and even reverse in the next few weeks, if not sooner.

The recent XRP bullish run is the highest it’s ever had. It went up by 200% in fewer than four days just a couple of weeks again. And now ever after yesterday’s market crash, Ripple’s XRP is leading the green army, but Ethereum still rests in the red forest.

Current Ripple rise could be the result of several factors

First of all, there was the Swell conference last week. That’s Ripple’s yearly reunion for investors and partners. It was supposed to be a low-key, routine, event, but when this event is about to happen, the price rises each year as speculators try to get in the action just in case a big announcement will shake the cryptosphere. That brings prices up, if only for a couple of weeks.

But there was an actual announcement this time. Ripple’s new xRapid platform is live as of this week, and it already has three partners using it at the production stage.

The difference between this and other of Ripple’s software services is that this one actually uses the XRP token to settle international transactions. Previous Ripple applications could use XRP, but it was optional. The new feature is expected to boost up XRP adoption around the world.

Another possible factor behind current XRP surge is the speculation that SWIFT (the biggest Ripple competitor as we knew some time ago) could surrender to Ripple blockchain. After Banco Santander going live on SWIFT GPI, rumors of SWIFT using RippleNet under their GPI shadow have heightened. This all more likely has triggered current Ripple spike.

What’s wrong with Ethereum?

Ethereum, on the other hand, has been going down all year. While it remains the world’s main platform for implementing smart-contracts, lots of complaints have been published all over Twitter, Reddit, and other social media about the network.

It’s becoming too slow, and the gas price is becoming too high. Also, earlier this year two of Ethereum’s most important users (Tron and EOS) left behind the network and the ETH token to star their own Main Nets.

On top of that, last month the network was basically taken over by users playing a simple game and that made bandwidth very scarce for many other projects.

Ethereum remains the most essential cryptocurrency after Bitcoin, which means that if it does poorly or if it falls to third place, the market will feel the psychological hit as well. Is this really possible?

We can’t say for sure. But as Ripple’s successes become apparent and Ethereum’s failures do as well, it is possible. And this is just the beginning. Other tokens such as Cardano’s ADA, Stellar’s XLM or Tron’s Tronix are either doing well in recent days or still looking very promising for investors.

Ethereum has grown used to be the only game in town besides Bitcoin. It’s going to have to think twice about that now as Ripple’s XRP has come neck-close already.

For the global insights every crypto trader must have, apply for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pixabay

Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

Published

on

Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

Continue Reading

Altcoins

Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

Published

on

TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

Continue Reading

Currency Market

GDA Group Launches Initiative to Introduce Disruptive Technologies to Family Offices

Published

on

TORONTO, CANADA OCTOBER 7, 2020 The GDA Group, a financial institution focused on disruptive technology, is launching a new Global Family Office Wealth Network to connect families and institutional investors with exponential thinkers powering the future of industry using disruptive technologies. The GDA group is the parent corporation of GDA Capital and Secure Digital Markets — a capital markets firm focused on merchant banking for digital assets and a trading platform, which has completed over 2 billion dollars in over the counter (OTC) digital assets transactions respectively.

The first initiative held by the Global Family Office Wealth Network is the Global Family Office Summit, a quarterly event happening on October 20th that is bringing together innovative asset managers, more traditional family offices and private equity firms, global regulators and unicorn disruptors to discuss technology that is changing the world. This first Global Family Office Summit is accessible by zoom and is also the first gathering of private wealth that is taking place in the metaverse at the Crypto Convention Centre in Decentraland.

Jean-Luc Gustave, the GDA Group’s VP in Asia, commented on the news with:  

“After a strong summer that saw a significant increase in institutional participation in disruptive technology ventures, many…

Continue Reading

Press Release